Protect Pharmaceutical (PRTT) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	PROTECT PHARMACEUTICAL Corp
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Trading Symbol	prtt
Amendment Flag	false
Entity Central Index Key	1,493,526
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	1,111,460
Entity Public Float		$ 1,111,460
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash	$ 287	$ 7
Total Current Assets	287	7
TOTAL ASSETS	287	7
CURRENT LIABILITIES
Accounts payable and accrued expenses	72,225	69,656
Related party payables	39,639	30,798
Total Current Liabilities	111,864	100,454
TOTAL LIABILITIES	111,864	100,454
STOCKHOLDERS' DEFICIT
Common stock; 100,000,000 shares authorized,at $0.005 par value, 1,111,460shares issued and outstanding	5,557	5,557
Additional paid-in capital	9,247,288	9,244,288
Accumulated deficit accumulated during the development stage	(9,364,422)	(9,350,292)
Total Stockholders' Deficit	(111,577)	(100,447)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 287	$ 7

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
EXPENSES
Professional Fees	$ 8,855	$ 5,851	$ 10,935	$ 9,789
Executive compensation	1,500	1,500	3,000	3,000
General and administrative	103	211	195	211
LOSS FROM OPERATIONS	(10,458)	(7,562)	(14,130)	(13,000)
NET (INCOME) LOSS	$ (10,458)	$ (7,562)	$ (14,130)	$ (13,000)
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	1,111,460	1,111,460	1,111,460	1,111,460

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net loss	$ (14,130)	$ (13,000)
Adjustments to reconcile net loss to cash flows from operating activities
Services contributed by an officer	3,000	3,000
Expenses paid on behalf of the Company		11,350
Changes in operating assets and liabilities
Accounts payable	2,570	2,843
Accounts payable - related parties		(2,380)
Net Cash Provided by (Used in)Operating Activities	280	1,813
NET CHANGE IN CASH	280	1,813
CASH AT BEGINNING OF PERIOD	7	502
CASH AT END OF PERIOD	$ 287	$ 2,315
NON-CASH FINANCING ACTIVITIES:
Common shares issued for rounding pursuant to reverse stock-split		110

Note 1 - Condensed Financial St

Note 1 - Condensed Financial Statements	6 Months Ended
	Jun. 30, 2016
Notes
Note 1 - Condensed Financial Statements	NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at , and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 201 audited financial statements. The results of operations for the periods ended are not necessarily indicative of the operating results for the full years.

Note 2 - Going Concern

Note 2 - Going Concern	6 Months Ended
	Jun. 30, 2016
Notes
Note 2 - Going Concern	NOTE 2 - GOING CONCERN The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other material assets, nor does it have an established source of revenues sufficient to cover its operating costs and to allow it to continue as a going concern. It is the intent of the Company to seek a merger with an existing, operating company. In the interim, shareholders of the Company have committed to meeting its minimal operating expenses

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Notes
Note 3 - Significant Accounting Policies	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Basic (Loss) per Common Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of June 30, 2016 and 2015. Recent Accounting Pronouncements Management has considered all other recent accounting pronouncements issued since the last audit of the Company’s financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

Note 4 - Related-party Transact

Note 4 - Related-party Transactions	6 Months Ended
	Jun. 30, 2016
Notes
Note 4 - Related-party Transactions	NOTE 4 – RELATED-PARTY TRANSACTIONS T he Company ha As of and December 31, 201 , respectively, total $ These payables are non-interest bearing, unsecured, and are due on demand. Contributed Capital During the six months ended June 30, 2016 and 2015, a related-party has contributed various administrative services to the Company. These services have been valued at $3,000 for the six month periods then ended.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Notes
Note 5 - Stockholders' Equity	NOTE 5 – STOCKHOLDERS’ EQUITY On September 19, 2014, the Company issued 26,000 shares of common stock to Blue Cap Development Corp. in exchange for certain mining and/or mineral claims and/or leases located in New Mexico. Two principals of Blue Cap, Edward F. Cowle and H. Deworth Williams, are principal stockholders of the Company. On November 4, 2014, the Company effected a reverse stock split of its issued and outstanding shares of common stock on a one (1) share for one thousand (1,000) shares basis. As per the terms of the reverse stock split, any fractional share amount resulting from the split was automatically rounded up to the next higher whole share amount, with the provision that no individual stockholder’s holdings would be reduced below 100 shares. Additional shares to restore each such affected stockholder’s holdings to 100 shares were issued, with certain shares issued during the 2014 calendar year, and the remainder issued during the six months ended June 30, 2015. The par value of the common stock remains at $0.005 per share. As a result of the reverse stock split and the rounding up of odd lots to 100 shares, at June 30, 2015, there were 1,111,460 shares certificated and outstanding.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	6 Months Ended
	Jun. 30, 2016
Notes
Note 6 - Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and determined that there are no additional material subsequent events to report.